Goldman Sachs’s Marc Nachmann emerges as big winner in reshuffle
When Goldman Sachs chief executive David Solomon last week unveiled his second major revamp of the bank since taking over four years ago, the biggest winner to emerge from the resulting corporate reshuffle was Marc Nachmann.
Having developed a reputation inside Goldman as one of Solomon’s most trusted fixers, Nachmann was rewarded with a job as head of a newly merged $2.4tn asset and wealth management division.
Combining the two businesses into one, scooping up more assets and squeezing out extra profits is a key plank of Solomon’s plan to finally close Goldman’s stock market valuation gap with rivals such as Morgan Stanley and JPMorgan Chase.
This story originally appeared on: Financial Times - Author:Harriet Agnew
